Over the last couple of years, TikTok has grown speedily due to its increased demand. In fact, it is the fastest growing social media application. It is a two names app, easy to mention and very addictive to many users. In fact, TikTok amassed over 3 billion downloads and penetrated one-third of all social media users on this planet in less than four short years.
When was Tiktok Started?
Tiktok originally known as Douyin was launched into China’s App market in September 2016 by parent company Bytedance. Later, Douyin was changed to Tiktok which was to be an international version to accommodate people globally. Tiktok was released on September 2017 following the acquisition of a video-sharing startup, Musical.ly. It became the twin App of Douyin. In July 2021, Sensor Tower noted TikTok (including sister app Douyin in China) had become the first non-Facebook mobile app (outside of games) to reach 3billion globally across the App Store and Google Play, while TikTok consumer spending surpassed $2.5 billion globally. This put the app in the company of only a handful of others that had reached that milestone, including Tinder, Netflix, YouTube and Tencent Video.
Today, the twin apps are available in 141 countries, working in 39 languages via the App Store and Google Play. As a result of its growth, TikTok’s share of overall social networking users is also climbing upwards. Insider Intelligence’s forecast believes TikTok will surpass a 20% share for the first time and will approach a one-quarter share by 2024.
How Many People Use TikTok?
According to parent company Bytedance, TikTok currently has more than 1 billion monthly active users. In fact, these user figures make the app one of the fastest-growing ever in terms of the percentage of the market it’s captured since 2016. According to statistics, 20.83% of 4.8 billion internet users in the whole world, use Tiktok. Based also on the number of active social media users at any given time, 22.32% of the total spend their time on Tiktok. From the statistics, it is clear that the App has known how to work the social media growth playbook.
Tiktok revenue growth rate
- TikTok brought in $17 billion in 2019, a sizable revenue increase of over double the previous year’s $7.4 billion in 2018.
- In just under four years since the launch in September 2016, ByteDance investors valued TikTok / Douyin at $50 billion in July 2020.
- With a rumored valuation of $110-$180 billion, TikTok & Douyin’s parent company Bytedance is now the world’s most valuable startup.
- In 2019, TikTok more than doubled its revenue to $17 billion, up from $7.4 billion the previous year.
Number of Tiktok Down loads
The growth of TikTok has been amazing with rising figures all the time. In 2019, TikTok reached its first billion downloads. These figures are impressive considering it was started in 2016. Within eight months the app had gained half a billion downloads.
In April 2020, the statistics showed that the app had been downloaded more than 2billion on both the Apple App Store and Google play. The App has been able to skyrocket its popularity by doubling its number of downloads within a year.
The number of downloads worldwide at the end of 2020 was above 2.5 million. In 2021, the downloads shot high as a result of the coronavirus pandemic. Due to lockdown, consumers spent much of their time in the mobile phone seeking for new way stay connected and off course for entertainment.
What is the Average Time Spent on Tiktok Daily?
On average, people spend 52 minutes per day in TikTok. This is almost an hour every day. Meaning, people are able to search for information, create videos and share by uploading and also being entertained within this period.
Comparing with FaceBook with an average of 58.5 minutes per day, Tiktok seem to be doing well considering the duration of its growth (the period it was started). There is possibility that, in 2022 Tiktok will have overtaken Facebook and Instagram. For marketers, this is a big deal to know. That’s because the more the time spent on the Apps, the higher the chance that they will see the advertisements.
The advantage that TikTok has over other platforms is its full-screen feed, which means that every action you take when each video is on screen is indicative of your response to that specific clip. Swipe past quickly and that video’s content is clearly not of interest, watch the whole thing through and that’s a strong signal, while tapping on any element also provides clear response data for its matching.
TikTok’s system is far better at determining more intricate matches in response to your actions, which is why it’s so addictive to so many, and that’s helped it continue to add users, even as other apps have tried to replicate its key features.
Who Uses TikTok Most?
To start off, the influence of TikTok over the young generation can be traced from the fact that the App creator targeted them. Based on the statistics, 35% of the user’s worldwide are youths aged between 19 years to 29 years. 28% of the users are people aged below 18years. 18% users are between 30 to 39 years. 19% users are above 39 years.
Based on Gender, 59% of Tiktok users are female. 39% are men and 2% others.
Conclusion
Based on the data, it then safe to say, TikTok has a high possibility of growth compared to other social media Apps. Since it is aimed at content creators, it has an advantage over its competitor. This because, anyone can become a content creator. For social media users and marketers, TikTok should be taken seriously since it is a force for business growth.
If you haven’t considered TikTok as a potential platform for your marketing efforts, in 2022, it may be time to give it some more thought. Not all brands will thrive on TikTok, and it does require a more dedicated, organic-type approach, so you do need to know the platform-specific trends, or work with creators that are in-tune with such. But the opportunities, for the right brand, with the right approach, can be significant.
It may not be a platform that comes naturally for your promotions, and it may not be one that you yourself are interested in. But in 2022, it’s likely worth familiarizing yourself with the latest TikTok trends, and getting a better understanding of the app.
